In our report from Las Vegas last month, we described the gaff that Midamerica auction made on the auction of Leroy Turner's beautiful 1968 Triumph TR6C. You can see our entire report at this link ... http://triumphmotorcycles.typepad.com/my_weblog/2012/01/report-from-the-2012-las-vegas-motorcycle-auctions-.html
In brief, here is what how we described what Midamerica did with Leroy's bike ....
"What happened during the bidding on Leroy’s TR6C still isn’t clear, but there seemed to have been a major miscommunication amongst the Midamerica staff that resulted in the reserve being pulled early followed by an immediate hammer down. The bike sold at a very low price of $9750, close to $4000 less than was bid on the Hoard bike.
Leroy was very disappointed to say the least and while Midamerica tried to make amends by giving Leroy credit for his reserve price, it was clear that he left the auction with far less in his pocket than he should have due to the Midamerica gaff.
The lesson to be learned from Leroy’s experience is protect yourself with a higher reserve that can always be pulled during the bidding if necessary."
Well, our assessment of seriousness of the Midamerica error has proved to be correct. The successful buyer of Leroy's bike posted it on EBay only three weeks after the auction and was able to quickly "flip" the bike for $13,500 earning a healthy net profit of over $3000 for himself.
As long as EBay maintains it, here is a link to the completed sale of the bike on EBay.
Our compliments to the seller on his posting. His success is the result of not only having a very high quality item to sell but an excellent job of marketing the bike with large high resolution photos that really show off the bike's quality. Several of those pictures are included in this posting.
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